Cooling measures in 2026: what's changed and what hasn't
What property cooling measures apply in Singapore in 2026?
No measures have been eased. ABSD is 20% for citizens buying a second home, 5% for permanent residents on a first home and 60% for foreigners. Seller's stamp duty now applies for four years, the HDB loan-to-value limit is 75%, and TDSR caps total monthly debt repayments at 55% of gross income.
Singapore's property cooling measure framework is one of the most comprehensive in the world — and as of August 2026, it remains firmly in restrictive territory. No measures were eased in 2025 or 2026. To the contrary, the framework was tightened in several respects. Here is a clear summary of where things stand.
ABSD rates — unchanged from April 2023
The Additional Buyer's Stamp Duty rates introduced on 27 April 2023 remain in force. The key rates that most buyers need to know:
- Singapore Citizens — 0% on first property, 20% on second, 30% on third or subsequent
- Permanent Residents — 5% on first property, 30% on second or subsequent
- Foreigners — 60% flat on all residential purchases
- Entities — 65% on all residential purchases
For a $2 million second property, a Singapore Citizen faces $400,000 in ABSD alone — a material deterrent to the kind of multiple-property accumulation that the government wants to discourage. The 60% rate for foreigners has been particularly effective at cooling speculative overseas capital; foreign buyer volumes remain well below pre-2023 levels.
SSD extended in July 2025
In July 2025, the Seller's Stamp Duty holding period was extended from 3 to 4 years, and all SSD rates were raised by 4 percentage points. This specifically targets property flippers — those buying uncompleted units with intent to resell before completion. The government had noticed renewed speculative activity in the new launch segment as interest rates began falling from early 2025, and moved decisively to close that window.
HDB LTV reduced to 75%
In August 2024, the Loan-to-Value limit for HDB loans was reduced from 80% to 75%. This means HDB flat buyers now need a minimum 25% cash or CPF downpayment (previously 20%). Combined with the MSR cap of 30% of gross income for HDB loans, this has increased the effective barrier for first-time HDB buyers — which is part of why upgrader demand into private property has stayed resilient.
Bank LTV for private property — by sequence
- First residential property: maximum 75% bank LTV
- Second residential property: maximum 45% bank LTV
- Third or subsequent: maximum 35% bank LTV
The TDSR of 55% gross income applies to all borrowers across all property types. This is the primary affordability guardrail — you cannot borrow so much that total monthly debt commitments exceed 55% of your gross income.
Will measures be relaxed?
The short answer, as of August 2026, is no. The government has signalled that no relaxation is contemplated unless private residential prices experience a sustained correction of 10% or more over multiple consecutive quarters, or economic conditions deteriorate materially. Neither is on the horizon. Most property research houses and bank economists covering Singapore do not anticipate ABSD relaxation in the near term. Plan your finances on the basis of the current framework, not an anticipated easing.